Park-Ohio Holdings Corp. reported its financial results for the third quarter and nine months ended September 30, 2024, reflecting mixed performance across its segments. For the three months ended September 30, 2024, net sales totaled $417.6 million, a slight decrease of 0.3% from $418.8 million in the same period of 2023. For the nine months, net sales were $1,267.8 million, down from $1,270.4 million year-over-year.
The company’s operating income for Q3 2024 was $23.6 million, a decline of 12.6% from $27.0 million in Q3 2023. However, for the nine-month period, operating income increased to $72.2 million from $66.4 million in 2023. Income from continuing operations before income taxes for Q3 2024 was $12.6 million, down 21.3% from $16.0 million in the prior year, while for the nine months, it rose to $40.0 million from $34.9 million.
Segment performance varied, with the Supply Technologies segment reporting a revenue increase to $194.5 million in Q3 2024 from $192.8 million in Q3 2023, and for the nine months, it rose to $594.0 million from $585.9 million. The Engineered Products segment also saw growth, with Q3 revenues of $124.4 million, up from $117.6 million, and nine-month revenues of $364.8 million, compared to $353.7 million. Conversely, the Assembly Components segment experienced a decline, with Q3 revenues falling to $98.7 million from $108.4 million and nine-month revenues decreasing to $309.0 million from $330.8 million.
Net income attributable to common shareholders for Q3 2024 was $9.3 million, down from $10.8 million in Q3 2023, while for the nine months, it increased to $29.4 million from $21.6 million. Earnings per share from continuing operations for Q3 2024 rose to $1.05 from $1.01 in 2023, and for the nine months, it increased to $2.88 from $2.22.
The company completed the acquisition of EMA Indutec GmbH in February 2024 for $11.0 million, enhancing its Engineered Products segment. Additionally, Park-Ohio sold its Aluminum Products business for approximately $50 million in December 2023, which is expected to impact future revenues.
As of September 30, 2024, total assets increased to $1,406.6 million from $1,340.7 million at the end of 2023, and total equity rose to $343.0 million from $289.9 million. The company reported total debt of $663.5 million, up from $645.7 million at year-end 2023. Cash and cash equivalents stood at $59.5 million, compared to $54.8 million at the end of 2023.
Overall, while Park-Ohio Holdings Corp. faced challenges in certain segments, it demonstrated growth in income and strategic acquisitions that may bolster future performance.
About PARK OHIO HOLDINGS CORP
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